Another Clone Firm Comes Up, FCA Warns Against Fake Vanguard Asset ‎Management

The United Kingdom’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) today shed light on a Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firm representing itself as Vanguard Asset Management, which is actually a regulated company that provides professional investment services in the financial markets.

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The clone has no association whatsoever with the asset manager and is thus involved in fraudulent activity, the watchdog said.‎ The clone company also claims to be licensed by the FCA, using the authorised firm’s FRN and registered address.

As per the press release issued by FCA, the clone firm chose Vanguard Asset Management due to the fact that it has been authorized to operate within the UK.

The copycat company operates through www.vanguardassetmanagement.co.uk and has adopted the address of the original company - 25 Walbrook, London, EC4N 8AF, UK. The FCA warns that this is a typical move for a scam company to gain the trust of unsuspecting clients.

The original firm has been conducting business for several years now and can be found at www.vanguard.co.uk.

If you are an investor, you should be aware that the Financial Ombudsman Service and the Financial Services Compensation Scheme are not available if you deal with an unauthorised company or individual, the FCA said in a statement.